Following investor outcry, TeamViewer has already informed the club that they wish to alter their £47 million-per-year agreement.
TeamViewer is under increasing pressure to cancel its £235 million jersey sponsorship arrangement with Manchester United.
After a backlash from investors who called the deal a “sign of hubris and appalling judgment,” the German technology company has already informed United that they want to revise their £47 million-a-year agreement.
And now, according to sources, there are growing concerns TeamViewer could look to back out of the deal entirely as their costly sponsorship partnerships come under increasing scrutiny.
The contract is United’s second biggest commercial deal after their £750 million kit arrangement with Adidas.
TeamViewer, which specializes in remote access and remote control computer software, confirmed in August that they would not be renewing their five-year contract with United when it expires in 2026.
Yet a scathing letter from investors Petrus Advisers, who hold a nearly three percent stake in the company, has led to an urgent review of the partnership with United.
Petrus’ warning prompted a TeamViewer spokesperson to say: “The international awareness of the brand was clearly increased last year through the partnership.
“However, in light of the current macroeconomic environment, the company has decided to evaluate its long-term marketing plan.”
“In addition, the corporation has already expressed a wish to investigate options for amending the present contract.”
“As active investors, we will not tolerate that you spend around 1.4x your net profit or more than €70 million per year on sponsorship contracts with Manchester United and Mercedes Formula 1,” stated London-based investment firm Petrus Advisers. “You aren’t SAP, Oracle, or Mercedes-Benz.”
The scrutiny of TeamViewer, which experienced a boom during the pandemic but has since seen its share price fall, comes at a time when United fans’ groups are asking supporters to target the club’s sponsorship partners as part of an offensive against the Glazer family’s questionable ownership.
Since the end of last season, the 1958 group has led protests at Old Trafford against the Glazers, encouraging fans to lobby and boycott the club’s commercial partners, among other moves.
